Fund Description

The fund uses an integrated approach combining research, portfolio design, management, and trading. It is designed, using a market capitalization weighted approach, to buy a broad and diverse group of readily marketable securities of U.S. small- and mid-cap companies the advisor identifies as lower relative price stocks with higher profitability, with diversification across companies and sectors. Under normal circumstances it invests at least 80% of net assets in U.S. companies. Exposure may be adjusted or companies excluded based on shorter-term considerations such as price momentum, short-run reversals, and investment characteristics, while seeking to reduce trading costs. It may use futures and options on futures to manage equity market exposure and may lend securities to generate income.